September 1-14, 2013 Calgary Real Estate Market Update

Both the weather and real estate market in Calgary have been unseasonably hot this month.

Sales are on pace for the second best September on record and the highest sales total for the month since 2005.

Single family sales this month are tracking 15.7% higher than the average of the previous 10 years while condos sales are up 19.4%.

In the luxury segment, 28 SFH+condos have sold for $1M+ compared to 11 during the same period last year.

September 1-14 home sales: y/y comparison

September 1-14 home sales: y/y comparison

No surprise what overall home prices are doing when you combine a 21.49%  sales increase y/y with -23.49% fewer listings:  average price is up 9.69% while the median is up 8.61%.

Single family home average prices MTD are up 11.24% y/y  to $508,610 and the median price is up 8.43% to $450,000.    If these prices keep up for the remainder of the month, they will easily set a new September peak price.

I was curious and removed all 26 SFH luxury sales from the MTD calculation and discovered it would still result in record September prices:  average price would be $471,589 and the median $442,250.

Calgary SFH Prices - September

Calgary SFH Prices – September

September 1-14, Year-Over-Year Comparison

September 1-14, Year-Over-Year Comparison

2 responses to “September 1-14, 2013 Calgary Real Estate Market Update

  1. The climb in prices is not necessarily good for everyone, and the doomers are not the only ones amazed by this rise. Its definitely good for real estate industry and the ones selling at the moment with all do respect, but what is this rise going to do in the long term to the market. Some say its a bubble. What are your thoughts?
    Its probably better to have a stable market than one thats always breaking records. Not to take anything away from these records…
    The ones looking to buy, and people who pay property taxes and are not looking to sell don’t necessarily benefit either from this rise.
    Time will only tell what this market is going to do in the months and years ahead.

    I think affordability is going to be a big issue going forward. I’ve written several articles on the topic this year alone.
    -Mike Fotiou

  2. The record breaking stats do concern me somewhat. Makes me think bubble and scares the poop out of me…

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